Tag: HDFC

You can use the financial support banks lend for almost anything from international travel to a medical emergency. So, there are several kinds of resources that you may have that come in handy while taking the loan for generic financial requirements. One of the resources is loan. However, it is important to know the purpose of taking a loan. You need to compare factors like interest rates, eligibility criteria, processing fees, prepayment penalties, etc. before applying for any one of these emergency loans. Many of the loans are easily available, which is basically divided into two types: secured and unsecured loans. The most common and popular secured loan is Gold Loan.

Gold Loan:

This type of loan against gold uses it as the collateral deposit, which needs to be kept with the bank in order to obtain a loan. This loan has lower interest rates but the risks are extremely high. In case a default occurs, you could risk the loss of ownership of the gold you have. However, the gold loan is the most favorable emergency loan in India.
As most Indians traditionally and culturally keep a lot of gold for various occasions like wedding gifts and investments. An emergency loan can be processed as the loan against idle gold. Most leading banks like provide gold loans for excellent interest rates that range between 12 – 16%. You can use gold to secure an emergency loan based on (Loan to value) LTV ratio. This may be higher than the other type of loans; however this proves to be very beneficial when a high amount of loan is needed.

Personal Loan:
In the personal loan, you need not pledge any security or collateral. Personal loans are easy to handle, fast and hassle free, thus proving to be an ideal option for emergency financial requirements. Since it doesnt require any collateral, one can get a personal loan as easily as clicking a button.

Compared to gold loan, personal loan has higher interest rate. Though, most banks offer competitive rate between 14 to 25%. However, it is processed much faster. If you provide all the documents necessary, organizations like HDFC bank sanction and credit the loan amount in your account within 24 hours. The most important thing it can do is to help you escape the crisis or the need. So, whether you have time to opt for gold loan or have a good credit score for the personal loan, these financial products are designed to evade the financial need.

HDFC has become a leader among those banks which are taking well care of housing needs of the customers approaching them. This Housing Development Financial Corporation (HDFC) facilitates its clients in getting every kind of financial assistance which their customers want to have. It is setting new milestones every day in the market and leaving an immensely positive impact on its existing customers and others who would approach this bank.
According to recent news, HDFC Bank has sliced its lending rates by 0.1 per cent which is in effect from 30 March 2013. The base rate or the lowest rate of interest, of the Indias second largest private sector bank has become 9.6 per cent from the existing 9.7 per cent. At the same time, the standard prime lending rate (PLR) of the bank is expected to be reduced by a similar margin to 18.10 percent. The new rates have been effecting since March 30 2013. HDFC Bank has become the first bank to slice its interest rates after the RBI cut on lending rate by 0.25 percent on 19 March 2013. This HDFC housing loan arm has an experience of more than 30 years in the field of housing finance. One can easily judge that how old lender it is and how much efficient dealing will they provide. The overall benefit in the cost reduction “in HDFC home loans” has passed to the customers. It has resulted in the growth of confidence in the customers who want to build or buy new property or homes.
For housing loans, HDFC is the best option because its base rate of interest for home finance are even lower than the countrys largest public sector bank SBI. As told earlier, base rates of GDFC are reduced to 9.6 per cent in case of HDFC, and in case of SBI the lending rate is 9.7 per cent. This lender has been conferred with the award of Best Housing Loan Provider at outlook money awards 2012. This bank provides various loan repayment options like step up repayment facility, Tranche Based EMI, Flexible Loan installments Plan, accelerated repayment scheme and the last are telescopic repayment Option. Advisory and counseling services are also available for getting a new home or property. It has interest rates up to and including Rs. 30 lacs vary from 10.15 per cent to 10.65 per cent and for the loan amount above Rs. 30 lacs vary from 10.40 per cent to 10.90 per cent which are relatively lower as compared to other lenders in the market.

Getting a car loan is an extremely easy process nowadays. There are plenty of banks and finance companies that are willing to give you a loan up to 2.5 to 4 times of your net annual income. There is no ceiling on the loan amount for new cars. So, here is how the step-by-step process for the car loans.

Step 1: Become eligible for the car loan.

To find the lowestcar loan interest rate, you need the dedicated research. With a few certain facts to keep in mind, there is a guarantee that your application for a car loan will be accepted in no time. To get loan ready, you need to meet the eligibility criteria of the most banks and finance companies.
The age of the borrower is between 21-65 years.
The borrower should have a job for at least 2 years. You should be able to hold a job atleast for a year with your current employer.
You should have a telephone, mobile or smart phone to be able to reach you.
You must earn minimum an income of Rs. 1, 80,000 P.A., which can include your and your co-applicants the income.
There are few banks that levy higher criteria for the car loan approval. You may need higher salary standards, better credit score, etc. But, if you apply with smart banking solutions like HDFC, above criteria can be sufficient.

Step 2: Gather down payment & finalize lender.

Since, car loan application and approval is easy, you need the down payment handy. So, how much down payment you need. It may seem that 15 to 20% is enough. But some organizations do offer loan for 100% of the amount too. So, look into that. It will help you finalize the lender.

Step3: Fine-tune the details.

The maximum repayment tenure is fixed to 7 years for the most banks. You will need to consider processing fee, service charges and taxes before you finalize the lender, EMI and tenure. Most lenders will have user friendly car loan EMI calculator on their websites. They are designed to help you compare the best interest rates, EMI, affordability of the car models you are considering and much more. Using a car loan EMI calculator, you can calculate the rate you can afford when you select the lender and EMI.

So make sure and do your homework on the various car loan interest rates using the car loan EMI calculator because it will help you select the most suitable one.